IIR Energy Sees $7 Billion in Downstream Spending During the Energy Transition

July 3, 2023--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--This year could be a big one in terms of refinery overhauls, and the bulk of new spending on energy transition pathways is targeting renewable diesel, a senior downstream analyst said.

"The energy transition at the refinery level seems to be targeting industrial, manufacturing and commercial transport with the focus on renewable diesel," said Hillary Stevenson, a senior director at the energy division of Industrial Info. "Of the nearly $10 billion in spending on energy-transition upgrades and overhauls downstream in North America, some $7 billion of that is going toward renewable fuels."

Companies featured: Shell plc (NYSE:SHEL), Marathon Petroleum Corporation (NYSE:MPC), Phillips 66 (NYSE:PSX)